Gross Goods and Services Tax (GST) revenue collected for February was Rs 1.68 lakh crore, a 12.5% increase compared to that in the same month last year. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore, a growth of 13.6% over that for the same period last year, stated an official news release.
However, the revenue dipped by about Rs. 4,000 crore when compared to the intake of Rs. 1.72 lakh crore in January. GST collections in February missed becoming the fourth month in this financial year to cross Rs 1.70 lakh crore in collections.
As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7% higher than the collection for the same period in the last fiscal. The average monthly gross collection for fiscal `23-24 thus stands at Rs 1.67 lakh crore whereas the average was Rs. 1.5 lakh crore in the previous fiscal.
GST revenue net of refunds as of February for the current fiscal is Rs. 16.36 lakh crore, a growth of 13% over that the same period last year. “Overall, the GST revenue figures demonstrate continued growth momentum and positive performance,” said the official news release. Source: TNS